0001193125-26-067364
SEC filingPalomar 2025 年净利增 68%至 $197.1M，承保与投资双轮驱动，增长强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Gross Written Premiums | $2,028.3M | $1,542.0M | +31.5% |
| Net Earned Premiums | $802.6M | $510.7M | +57.2% |
| Net Investment Income | $56.0M | $35.8M | +56.3% |
| Total Revenues | $876.0M | $553.9M | +58.2% |
| Losses and Loss Adjustment Expenses | $228.6M | $134.8M | +69.6% |
| Acquisition Expenses | $217.1M | $149.7M | +45.1% |
| Other Underwriting Expenses | $176.5M | $117.1M | +50.7% |
| Underwriting Income | $185.9M | $111.9M | +66.1% |
| Net Income | $197.1M | $117.6M | +67.6% |
| Diluted EPS | $7.17 | $4.48 | +60.0% |
| Loss Ratio | 28.5% | 26.4% | +210 bps |
| Expense Ratio | 48.4% | 51.7% | -330 bps |
| Combined Ratio | 76.9% | 78.1% | -120 bps |
| Adjusted Combined Ratio | 72.7% | 73.7% | -100 bps |
| Operating Cash Flow | $409.1M | $261.2M | +56.7% |
2025 年 Palomar 业绩强劲增长，Net Income 同比 +67.6% 至 $197.1M，主要受 Gross Written Premiums 增长 31.5% 至 $2.0B 驱动，其中 Casualty 与 Crop 线分别增长 130.5% 与 113.0%，体现了新业务、合作伙伴扩张及收购（FIA、AAP）的贡献。Net Earned Premiums 增长 57.2%，高于 Gross Written Premiums 增速，反映业务结构变化（Fronting 占比下降，自留比例提升）。
盈利能力显著改善，Combined Ratio 从 78.1% 改善至 76.9%，主要得益于 Expense Ratio 下降 330 bps 至 48.4%，部分被 Loss Ratio 上升 210 bps 至 28.5% 所抵消。Loss Ratio 上升主要因 Non-catastrophe losses 增加（+114.5%），但 Catastrophe losses 为负（-$0.7M），对盈利产生有利影响。Adjusted Combined Ratio 改善至 72.7%，剔除一次性项目后承保盈利能力依然强劲。
盈利质量方面，Operating Cash Flow 同比 +56.7% 至 $409.1M，远超 Net Income，反映保费增长带来的现金流强劲。剔除一次性项目（Catastrophe losses、投资损益、交易费用等）后，Adjusted Net Income 为 $216.1M，同比增长 61.9%，显示核心业务盈利能力持续提升。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Earthquake | $571.4M | +9.3% | — | — | 保费稳健增长，占比降至 28.2% |
| Casualty | $542.9M | +130.5% | — | — | 新业务与合作伙伴扩张，占比升至 26.8% |
| Inland Marine and Other Property | $446.2M | +33.6% | — | — | 保费增长，但 attritional losses 上升 |
| Crop | $247.5M | +113.0% | — | — | AAP 收购后业务扩张，占比升至 12.2% |
| Fronting | $220.2M | -33.9% | — | — | 2024 年 Q3 大型合作终止导致下降 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash and Cash Equivalents | $106.9M | +$26.4M |
| Total Investments | $1,352.0M | +$364.3M |
| Reserve for Losses and LAE | $688.2M | +$184.8M |
| Unearned Premiums | $988.1M | +$246.5M |
| Total Assets | $3,051.0M | +$788.7M |
| Total Liabilities | $2,108.3M | +$575.1M |
| Stockholders' Equity | $942.7M | +$213.6M |
| Operating Cash Flow | $409.1M | +$148.0M |
| Investing Cash Flow | -$354.0M | -$47.7M |
| Financing Cash Flow | -$28.8M | -$102.6M |
资本配置：2025 年回购 308,417 股（$37.3M），剩余授权 $112.7M。未派发股息。2026 年 1 月完成 Gray Surety 收购（约 $311M），并新增 $450M 信贷额度（$150M 循环 + $300M 定期贷款）。
前瞻指引：未提供具体财务指引。
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